Jacobs Engineering Group Inc. has completed the acquisition of a number of Aker Solutions' operations within its Process and Construction (P&C) business area.

The acquisition, which Jacobs initially announced on Dec. 21, 2010, has a cash purchase price of approximately $675 million, adjusted for cash and debt acquired. Jacobs expects the acquisition to be modestly accretive to earnings in fiscal 2011.Aker Solutions is retaining Aker Projects (Shanghai) Company Limited pending regulatory clearances in China.

Aker Solutions' P&C operations significantly expand Jacobs' global presence in the mining and metals market; provide a new geographic region with South America; and strengthen Jacobs' presence in China. It also enhances Jacobs' regional presence in Australia, Europe and North America.

Jacobs President and Chief Executive Officer Craig Martin said, "This acquisition directly supports our growth model and expands our global footprint to important geographies. Additionally, Aker Solutions' P&C business brings strength to several different areas of our business and positions us as a top-tier, global player in the mining and metals business."

Gary Mandel, executive vice president, Aker Solutions' Process and Construction business area, is joining Jacobs as part of the transaction. Mandel stated, "Jacobs is a solid company that has a history of success in the industry. As a customer-focused organization, we join a team that also holds its clients in the highest regard. We see enormous opportunity to provide a higher and more expansive level of support to our clients and our employees."

Tags: Jacobs Engineering Group